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September 2017
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Rahul 'thanks' Sushma for recognising Cong legacy        Bangla govt dismisses reports about plot to kill Hasina        India beat Aus by 5 wkts to clinch ODI series, grab No. 1 spot        Pak's UN envoy tries to pass off Gaza image as Kashmir        Kerala minister Thomas Chandy rejects encroachment charges; opposition press for resignation        Shiv Sena takes to streets against inflation, fuel price hike        Journalist KJ Singh, mother found dead: Punjab Police sets up SIT to probe case, IJU condemns the murder        We created institutions of excellence, Pakistan created terror factories: Sushma at UN General Assembly        Early count puts Bill English ahead in New Zealand election        Another powerful aftershock jolts Mexico with 6.1 magnitude        Pakistan name five upcapped players in 16-man squad for Sri Lanka Tests        Rajasthan's 'Falahari Baba' arrested for rape        LDF entry of BDJS: : Kanam breaks silence        Chandy issue: Achuthanandan takes a dig at Pinarayi        Malappuram genital chopping case: Police confused        Injustice being done, says Manju        Thomas Chandy alleges conspiracy in encroachment row        Medium-intensity earthquake in Kashmir Valley        IRCTC denies reports of some banks cards barred for payment        We don't indulge in vote bank politics: Modi        
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Business News
Govt asks banks to deposit junked notes with RBI by July 20
 
ew Delhi, Jun 21 (PTI) The government has given a last chance to district cooperative banks, commercial banks and post offices to deposit the banned Rs 500 and Rs 1,000 notes with the Reserve Bank by July 20, provided they were collected within the specified time period.

After the November 8 shock demonetisation announcement, the government had allowed commercial banks and post offices to accept the junked currency from the public till December 30. District central cooperative banks were allowed to accept them only till November 14.

The finance ministry, through a notification on Wednesday, allowed banks and post offices to exchange any old junked notes with RBI in the next one month, provided they were collected by December 30, 2016. The same window would also be available to cooperative banks if they had collected the banned notes by November 14.

The earlier window was open till December 31, a day after the 50-day period of demonetisation of high value currency.

Banks and post offices will however have to give reasons for not depositing the withdrawn notes with the specified time period "subject to the satisfaction of the RBI".

After demonetisation, the government gave holders of the junked currency a 50-day window to deposit it in their bank or post office accounts by December 30.

But cooperative banks were on November 14 barred from accepting the junked notes as deposits or exchange them with new currency.

This left cooperative banks with crores of invalid currency notes. According to a recent report, district central cooperative banks in Maharashtra alone are stuck with Rs 2,770 crore worth old notes they collected during the early days of demonetisation but were unable to deposit them with RBI.

This had led to stalling of a Maharashtra government scheme to hand out Rs 10,000 cash to distressed farmers.

Several leaders including NCP supremo Sharad Pawar and those from Shiv Sena had represented to the government for allowing cooperative banks to exchange old notes.

The relief has finally come.

In the notification, the ministry said that "specified bank notes may be deposited by such Bank, Post Office or District Central Cooperative Bank, as the case may be, in any office of the Reserve Bank, within a period of 30 days from the commencement of these rules, and get the exchange value thereof by credit" to their account.

While the grace period for resident Indians to deposit the invalidated currency notes expired on 31 March, the non- resident Indians have time till June 30 to deposit such currencies.

RBI will accept deposits collected by any bank or post office by December 30, 2016 or by any District Central Cooperative Bank from November 10-14, 2016 should be deposited within 30 days, the notification said.

They should also cite valid reasons for non-deposit of the specified bank notes within the period, it added.

Old Rs 500 and Rs 1,000 notes were junked from November 8, 2016 to eliminate black money and curb infusion and circulation of fake Indian currency notes (FICNs).

India is the second-largest producer and consumer of currency notes. The circulation of banknotes has increased to 90.27 billion pieces from 64.58 billion over the last five years.

As on November 8, 2016, the total amount of currency in circulation was Rs 17.7 lakh crore, which included specified bank notes (SBNs) of Rs 500 and Rs 1,000.

As per the last official count released by RBI on December 13, banks had garnered Rs 12.44 lakh crore in banned notes till December 10.


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